Category: Munich RE

Countermotion on Agenda Item 3 (Resolution to approve the actions of the Board of Management):

The Association of Ethical Shareholders Germany proposes that the actions of the members of the Board of Management not be ratified.

Reasons:

Munich Reinsurance Company’s Board of Management continues to fail to sufficiently fulfil its responsibility to implement more effective measures for climate protection.

Munich Re has been warning of the catastrophic effects of the climate crisis and calling for countermeasures for almost 50 years. In its own business, however, the Group is too hesitant in its measures against the use of fossil fuels, even though they are the main cause of the climate crisis. Weiterlesen

Countermotion on Agenda Item 3

Motion:

The Association of Ethical Shareholders Germany moves that approval for the actions of the members of the Board of Management not be given.

Reasons:

Munich Reinsurance Company’s Board of Management is not sufficiently fulfilling its duty to take more effective action to protect the climate.

Loopholes for coal

Munich Re has stopped (re)insuring coal-fired power plants and mines since 2018, but only at the level of individual projects. Its coal exclusion does not apply to collective reinsurance arrangements, referred to as treaty reinsurance, in which entire books are reinsured. It therefore can still cover risks involving coal-fired power plants, mines or infrastructure. Weiterlesen